Cosmo Metals has completed its acquisition of the Bingara and Nundle projects in NSW, revealing extensive historic workings and high-grade targets ahead of maiden drilling. A recent $2 million placement strengthens its exploration push.
- Acquisition of Bingara and Nundle gold-antimony-copper projects completed
- LiDAR survey identifies over 1,000 historic workings and compelling mineral targets
- Maiden drilling planned at Spring Creek prospect in September 2025 quarter
- Post-quarter $2 million placement secured at 5.3% discount
- Ongoing exploration at Kanowna Gold and Yamarna projects with portfolio rationalisation
Strategic Acquisition and Exploration Momentum
Cosmo Metals Ltd (ASX, CMO) has marked a significant milestone with the completion of its acquisition of the Bingara and Nundle projects, two highly prospective gold-antimony-copper exploration assets located in the New England Orogen of northern New South Wales. Covering approximately 743 square kilometres, these projects straddle the Peel Fault and boast a rich history of high-grade mineral production, yet have seen limited modern exploration.
During the June quarter, Cosmo advanced its exploration efforts with a comprehensive LiDAR survey, a cutting-edge aerial laser scanning technology that revealed more than 1,000 historic workings at the Nundle Goldfield alone. This survey has been instrumental in uncovering structural features such as a 1-kilometre-long structural jog at the Folly Line gold prospect and a high-grade intrusion-related gold target at Mt Ephraim, both within the Nundle project area.
High-Grade Targets and Maiden Drilling Plans
Rock chip sampling has returned impressive results, including assays of up to 39.1 grams per tonne gold at Mt Ephraim and copper grades reaching 24.2% at the Mt Everest – Mona Mine VMS trend within Bingara. These findings underscore the potential for significant mineralisation, particularly given the lack of recent drilling activity in these areas.
Cosmo is preparing for its maiden drilling campaign targeting the Spring Creek gold prospect at Bingara, scheduled for the September 2025 quarter. This program aims to test extensions of known mineralisation, leveraging detailed geological mapping and LiDAR data to optimise drill locations and minimise environmental impact. The company has already submitted the necessary activity proposals to the NSW Resources Regulator and is engaging with drilling contractors to expedite commencement upon approval.
Capital Raising and Financial Position
Supporting this exploration push, Cosmo completed a two-tranche placement raising $2 million before costs at a 5.3% discount to the last closing price. The first tranche has been issued under existing placement capacity, while the second tranche awaits shareholder approval, with participation from Managing Director Ian Prentice and major shareholder Great Boulder Resources. At quarter-end, the company held $0.73 million in cash, positioning it to sustain its exploration activities.
Broader Portfolio and Forward Outlook
Beyond NSW, Cosmo continues to advance exploration at its Kanowna Gold Project near Kalgoorlie, Western Australia, and its Yamarna Region Projects, which include significant base metal targets. The company has rationalised non-core tenements at Yamarna to focus resources on high-priority areas and is exploring partnership opportunities to accelerate development.
Cosmo’s technical team is leveraging modern geophysical and geochemical techniques to unlock the potential of these underexplored assets. With a robust pipeline of targets and a strengthened balance sheet, the company is well-positioned to deliver on its high-impact exploration strategy in the coming months.
Bottom Line?
As Cosmo Metals gears up for maiden drilling and advances its NSW projects, the market will keenly watch for assay results that could redefine the company’s growth trajectory.
Questions in the middle?
- Will the maiden drilling at Spring Creek confirm the high-grade mineralisation suggested by surface sampling?
- How will shareholder approval of the second tranche placement influence Cosmo’s funding and exploration pace?
- What partnerships or joint ventures might Cosmo pursue to accelerate development at Yamarna and Kanowna?